Nigeria’s central bank holds benchmark lending rate at 11.5%

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ABUJA, Nov 23 – Nigeria’s central bank kept its benchmark interest rate unchanged at 11.5% on Tuesday.

Governor Godwin Emefiele said the decision to keep rates steady for a seventh straight time was unanimously supported by members of the Monetary Policy Committee (MPC).

MPC believes that the existing policy stance has supported growth recovery and should be allowed to continue for a little longer,” Emefiele said.

Nigeria faces double-digit inflation alongside fragile growth and low revenues.

Africa’s largest economy grew just over 4% in the third quarter, its fourth consecutive quarterly rise, after a COVID-19-induced recession in 2020.